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FHA

FHA: Federal Housing Administration - FHA short sales and FHA backed lending.

Found 22 blog entries about FHA.

HUD homes are homes that have been foreclosed on and now belong to the U.S. Department of Housing and Urban Development - these are generally homes that were once financed via FHA, VA and USDA loan products.
TIPS ON BUYING A HUD HOME:
  • Banks generally only care about the net proceeds of the sale, not the offer amount. There may be a certain amount of allowed closing assistance available, but keep in mind any and all reductions after the offer amount reduce the net to the lender.
  • When offering on these homes, keep in mind HUD Homes almost are almost always in multiple offer situations, especially once they come off the owner occupant grace period so you may want to write a strong offer.
  • Time is of the essence and if a buyer is not able to
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HOME SALE CHALLENGE:

After years of trying to work out a loan modification with his lender unsuccessfully, this Meriden, CT homeowner decided the only way to avoid foreclosure and move forward was with a short sale on his Greentree FHA Mortgage. 

REID REAL ESTATE GROUP APPROACH:

As the state's leading short sale experts, here at Reid Real Estate Group we have plenty of experience working FHA short sales and with Greentree. All sellers with FHA backed loans regardless of lender will have to meet the guidelines FHA has set for acceptance into their PFS (Pre-Foreclosure Sale) program. FHA short sales generally tend to follow the same predictable process although the experience certainly varies by servicer!

RESULTS:

It took 3 months and

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HOME SALE CHALLENGE:

When this North Haven, CT couple decided to move south for a new career opportunity, they found themselves upside down in their home and with no funds to make up the difference in a sale. With few options, they decided a short sale on their McCue FHA Mortgage was their best bet to move on gracefully and avoid foreclosure. 

REID REAL ESTATE GROUP APPROACH:

As the state's leading short sale experts, here at Reid Real Estate Group we have plenty of experience working short sales with McCue Mortgage. McCue tends to be very inconsistent, taking anywhere from 2 months to well over six to process their short sales and requires constant pressure to make things happen.  Also complicating matters was the fact that this FHA loan came

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istock_000015631251xsmall_406_06After several years of trying to work things out with their lender, this Marlborough CT couple was close to foreclosure and at their wits end. With next to no options left, they decided to attempt a short sale.

We listed the home which was well staged and priced aggressively and within 3 weeks a buyer was secured! Short sale documents headed to the both Suntrust and Chase for this FHA short sale.

Suntrust and Chase proved very slow, but with a lot of pushing prodding 5 months later our short sale approval letters arrived, and a month later this Marlborough, CT short sale closed!

OWED:$200,000 between a Suntrust FHA mortgage and a second with Chase

AAPROVED AND CLOSED: $150,000

TOTAL TIME FRAME LIST TO CLOSE: 7 months

Considering a CT short

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While Bank of America's FHA short sale department is generally a disaster, once in a while even they get it right....

A year after our initial consultation this New Britain homeowner called me to finally list his home. He had tried unsuccessfully to modify his loan and was ready to move on. The home went on market and just three short weeks later we secured a strong buyer for the home. FHA recently revised their Pre-Foreclosure Sales program to streamline more closely with conventional short sale programs. This made the program more flexible, however servicers generally take a long time to adapt to any changes to guidlines. I expected many months to get Bank of America to make a decision.

Despite this and the fact my client was current on his

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phone_tag_426_02When this Bristol, CT couple called me to tell about their plight, the moment I heard the words U.S. Bank - my heart sank. By far the worst short selling lender on the face of the earth, I had sworn off working with US Bank earlier in the year. After hearing the couple's sad story, I decided I would reconsider my position and take the listing on.

We started working on the FHA short sale right away as the property went on market. It took under just three months to find a buyer for the home, during which we fruitlessly attempted to get US Bank to get moving on the short sale. Unresponsive negotiators and lost paperwork were the norm. By the time we had a buyer we were on our third attempt to get US Bank to start the approval process. 

Seven more months

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PHH is an unpredictable lender....most of the time they are a disaster...and sometimes they seem to have it a little more together. This particular short sale of an FHA loan was a little bit of both.

When this splitting couple first called me they had decided to move on without each other, but were prisoners of the overleveraged home they had purchased together. After considering all their other options they decided to attempt a short sale. 

We listed the home and PHH Mortgage pushed our paperwork around endlessly as 5 months passed with virtually no progress, despite continuous, unrelenting efforts on our end to push the file through. Finally, as we hit the edge of having a foreclosure suit filed we got moved along to a sympathetic negotiator.

We

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houseandhourglasssmall_425_01It's not every day a short sale takes over a year....but when Bank of America is in charge - anything is possible. When this Middletown couple was referred to me, they had been struggling to keep up with the mortgage and knew it was time to give up and short sell. 

We listed the property and 8 months slowly passed as we struggled to get moving on our FHA short sale, but Bank of America kept insisting on pushing a loan modification, threatening and harassing my clients until finally they were released from the loan modification department and moved into short sales. 

As we finally started making progress, Bank of America quickly sold the loan to M&T Bank, and we were forced to start over. Thankfully - removing Bank of America from the picture was the

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In the middle of a pending divorce, this Torrington CT homeowner called me to discuss the possibility of getting out of his upside down home. Although he had recently bought the home, the fresh divorce made the home unaffordable and he wanted to relocate and start over.

The home went on market and two months later a buyer was secured. Bank of America held the loan and dragged painfully along in their usual fashion for the next 4 months, with limited progress. We then caught a lucky break as Bank of America sold the loan to PennyMac.

PennyMac proved to be a delight to work with as they quickly processed the file and produced an approval less than a month later...and soon after this PennyMac FHA short sale CLOSED!

OWED: $160,000

APPROVED AND SETTLED

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Wells Fargo FHA short sales are pretty predictable nowadays, but boy are they SLOW!

When this Manchester, Connecticut homeowner could no longer afford her home and had fruitlessly pursued a loan modification she was left with no option but to pursue a short sale.

Since FHA short sales allow pre-approval, we started to pursue the short sale as soon as the property was listed.  Three and a half months later when we finally secured a buyer Wells Fargo had made little progress. Despite constant follow up, Wells Fargo still lagged for 2 more months before finally approving this FHA short sale. The buyers side lender also proved slow and several hiccups causing more delays followed. Finally 7 months after first starting our journey this Wells Fargo FHA

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